Let me ask a question - Do you use Other Than Microsoft® applications for media?? I other words, are you likely to replace Media Center and Movie Maker with something else?
If so, then you might want to consider the Business edition.
Why? Well.. You would pick up automated/complete backup and restore functionality, some half-decent system management tools, remote desktop... (and fax...). And since you would be installing your own media apps, you would now have the functionality of Ultimate, except for BitLocker encryption. Just a thought, yah?
If the answer is 'No Scott, Media Center and Movie Maker do what I need and I'm not planning on replacing them..." then you should be plenty well served by Home Premium.
Ultimate has all of the above - All the Business edition and all the Home Premium features, plus Bit Locker encryption and some extras, like a 'Dreamscape' (animated desktop background). But MSFT haven't delivered much in the way of the much touted 'Ultimate Extras', and again there are 3rd party apps that do the same things, and better. Though you do have to pay for those as well...